http://privatemoneyutah.com/stated-income-loans-%e2%80%93-a-thing-of-the-past/ Your Trusted Resource for Private Money Loans in Utah Fri, 06 Jan 2012 16:59:33 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://privatemoneyutah.com/stated-income-loans-%e2%80%93-a-thing-of-the-past/#comment-9 Physical Therapist Tue, 21 Sep 2010 23:50:37 +0000 http://privatemoneyutah.com/?p=65#comment-9 You guys just completely described our situation. My wife is a full-time teacher, and makes very little, and I own a physical therapy company. My credit score is 749 avg, and we have equity out the whazoo in not 1, but 4 homes (3 of which are rental homes, with positive cash flow). We are trying to purchase a house in a short sale right now and the house (according to the tax appraisal and independent appraisal) would instantly have nearly $200,000 equity in it. Guess what? We cannot get a loan because we cannot show the income. Obviously we are paying for what we have, but they cannot see how...I wish there was a stated income option! Anyone have any suggestions...and in a hurry??? You guys just completely described our situation. My wife is a full-time teacher, and makes very little, and I own a physical therapy company. My credit score is 749 avg, and we have equity out the whazoo in not 1, but 4 homes (3 of which are rental homes, with positive cash flow). We are trying to purchase a house in a short sale right now and the house (according to the tax appraisal and independent appraisal) would instantly have nearly $200,000 equity in it. Guess what? We cannot get a loan because we cannot show the income. Obviously we are paying for what we have, but they cannot see how…I wish there was a stated income option! Anyone have any suggestions…and in a hurry???

]]> http://privatemoneyutah.com/stated-income-loans-%e2%80%93-a-thing-of-the-past/#comment-8 John Acquisto Thu, 15 Jan 2009 22:07:13 +0000 http://privatemoneyutah.com/?p=65#comment-8 Corey, You are right on. The stated income loan needs to come back to help get residential real estate inventory moving, especially in the $400,000+ category. I've said for many months that 90% of the people who own those houses in the Salt Lake Valley could not qualify for the mortgages they have. That being said, stated income is not for the W2 employee who does not make enough money to qualify for his dream home. It should be for self employed borrowers with difficult or impossible to prove income, with lengthy excellent credit history, with assets that substantiate the income stated and substantial down payment or equity. Corey,
You are right on. The stated income loan needs to come back to help get residential real estate inventory moving, especially in the $400,000+ category. I’ve said for many months that 90% of the people who own those houses in the Salt Lake Valley could not qualify for the mortgages they have. That being said, stated income is not for the W2 employee who does not make enough money to qualify for his dream home. It should be for self employed borrowers with difficult or impossible to prove income, with lengthy excellent credit history, with assets that substantiate the income stated and substantial down payment or equity.

]]> http://privatemoneyutah.com/stated-income-loans-%e2%80%93-a-thing-of-the-past/#comment-7 FryGuy Mon, 08 Dec 2008 21:52:59 +0000 http://privatemoneyutah.com/?p=65#comment-7 Corey, you are right on. I have self-employed borrowers who have 300 grand in the bank, looking for 50% LTV, 760 credit scores and they can't get a loan?! The economy will NEVER come back until people like that can get a loan. Another guy had 3 MILLION in the bank looking to buy a house and he couldn't get a loan because he owned a huge international business with write-offs and had to go stated. He couldn't buy a house with 30% down and 810 credit score! The housing market will never come back until these people can get loans. Common sense lending needs to come back where you look at each loan on a case by case basis and make an intelligent decision on the risk. Everything went to credit scoring only and that is when things went downhill from there. And with the elimination of sub-prime, the hard money lenders are having a feast! Wall Street is so dumb it took them till yesterday to figure out we were in a recession since last December. WOW. Corey, you are right on. I have self-employed borrowers who have 300 grand in the bank, looking for 50% LTV, 760 credit scores and they can’t get a loan?! The economy will NEVER come back until people like that can get a loan. Another guy had 3 MILLION in the bank looking to buy a house and he couldn’t get a loan because he owned a huge international business with write-offs and had to go stated. He couldn’t buy a house with 30% down and 810 credit score! The housing market will never come back until these people can get loans. Common sense lending needs to come back where you look at each loan on a case by case basis and make an intelligent decision on the risk. Everything went to credit scoring only and that is when things went downhill from there. And with the elimination of sub-prime, the hard money lenders are having a feast! Wall Street is so dumb it took them till yesterday to figure out we were in a recession since last December. WOW.

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